ISLAMABAD, Apr 7 (APP): As demonstrated by various indicators, the county’s economy has been performing well so far despite global economic shocks caused due to Covid-19 pandemic and disruption in supply chain, hence necessitating the need for stability at political front to continue the trend.
The economic indicators including revenue collection, remittances, external trade, large-scale manufacturing (LSM), agricultural growth and foreign exchange reserves have been demonstrating growth at a time when the global economies were not performing well.
Economic experts believe that political stability was imperative to continue the trend. Currently, the country was passing through swaying and uncertain political situation.
The net revenues collection by the Federal Board of Revenue (FBR) increased by 29.1 percent during the first three quarters of the current fiscal year as compared to the corresponding period of last year. FBR collected Rs4,382 billion during July-March (2021-22) as compared to the collection of Rs3,394 billion during July-March (2020-21).
During the month of March, the board collected Rs 575 billion, representing an increase of 20.5 percent over Rs 477 billion collected in March 2021. On the other hand, the gross collections increased from Rs 3,577 billion last year to Rs 4,611 billion during the 3 quarters of current financial year, showing an increase of 28.9%.
The exports from the country witnessed an increase of 24.67 percent during the first nine months of the current fiscal year (2021-22) as compared to the corresponding months of last year, Pakistan Bureau of Statistics (PBS) reported.
The exports from the country were recorded at $23.298 billion during July-March (2021-22) against the exports of $18.687 billion recorded during July-March (2020-21), showing growth of 24.67 percent.
Meanwhile, on year-on-year basis, the exports of the country increased by 15.91 percent during March 2022 as compared to the exports of same month of last year. The exports during March 2022 were recorded at $2.740 billion against the exports of $2.364 billion in March 2021, the data revealed.
Likewise, Large Scale Manufacturing Industries (LSMI) production grew by 7.6 percent during the first seven months of the current fiscal year (2021-22) as compared to the corresponding period of last year, according to latest PBS data.
On year-on-year basis (YoY), the industry rose by 8.2 percent during the month of January 2022 compared to the growth of January 2021.
Meanwhile, the remittances during the first eight months of CFY stood at $ 20.1 billion, showing growth of 7.6 percent compared to the same period last year. With $2.2 billion of inflows during February 2022, workers’ remittances continued their strong performance and have remained above $2 billion since June 2020, SBP reported.
Total liquid foreign reserves of the country figured $18.55405 billion. The foreign reserves holding of State Bank stood at $12,047.3 million while the net foreign reserves held by commercial banks amounted $6,507.2 million.
The per capita increased to Rs 266,614 or US$ 1,666 in 2020-21 while the size of the economy reached to US$ 346.76 billion, according to National Accounts Committee (NAC).
“The Pakistan economy has performed well in crisis time created due to Covid-19 pandemic and problems in global supply chain. Many sectors of country’s economy have performed well in these challenging times,” said Dr. Abid Qayyum Suleri, Executive Director, Sustainable Development Policy Institute (SDPI).
